Crypto Review

Bitcoin’s cautious support

Bitcoin almost reached $5,300 on Thursday, but rolled back, unable to strengthen growth. Apparently, market participants have become more cautious, so on Friday morning, we observed a decrease to $5,160. During the rollback, Bitcoin touched a 200-day moving average, which now looks like an important level of support. The predominance of indecision in the current price range may result in a new correction phase to the lower limit of $4K.

The theory of ‘halving’ influence (reduction of miner reward) has become a trending topic of recent days. CoinMetrics considered that the last two halvings in 2012 and 2016 were accompanied by the growth of Bitcoin before the event and within a year and a half after. The historic rally to $19,700 became the apogee of the second halving. And the next stage is scheduled for 2020. Nevertheless, it is worth considering the background change around the BTC. The close attention of the community, retail and institutional investors, regulators, algorithms can simply make it impossible to preserve past patterns in the future.

Market watchers noted the movement of digital assets from unknown wallets to crypto exchanges, which may indicate a willingness to sell. Whether this is so, we can find out this coming weekend.

Among the news is to highlight the serious intentions of Binance in relation to its BNB token. They have developed their own blockchain and will transfer the coins from the Ethereum network to the Binance Chain ecosystem. Against this background, the BNB token is one of the few that has shown an increase of almost 5% in the last 24 hours.

In addition, Forbes published a list of the top 50 companies that use the blockchain, and it becomes obvious that if the future of cryptocurrency is a big question, the technology itself can stay with us for a long time. The list of companies includes Amazon, BBVA, BNP, Paribas, BP, Citigroup, Facebook, Foxconn, Google, and many others. According to Reuters, the volume of venture capital investments in blockchain companies in 2019 will be significantly higher than $5.6 billion in 2018.

Alexander Kuptsikevich, the FxPro analyst

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